Economy of Brunant
The Economy of Brunant History Brunant's economy was historically oriented towards European trade. In the period following WWII Brunant adopted some isolationist policies, which were kept until the late 1960s. Since that time, it has pursued diversification of its trade with the world and integration into Western and transatlantic institutions vigorously. Brunant joined the European Union in 1986 (alongside Portugal and Spain) and the World Trade Organization on 1 January 1995. In the 1970s Brunant faced a labor crisis as the mining and manufacturing sectors began shutting down operations and many people were left without jobs. The economy was diversified into the service sectors from that period on and it has rebounded since then. Recent years Brunant's government had seen a surplus in funds for many years prior to 2008 and the economy as a whole was growing. The 2007-08 recession was slow to hit Brunant, with the government only experiencing a budget deficit in early 2009 and formally falling into a recession that year, though the economy rebounded within the year. Growth has slowed since 2011, though minimally. The economy posted growth of just 0.5% for 2013 and is expected to be negative for 2015, given the financial collapse in Spain and a slowing of business and trade. Government policies could potentially minimize and mitigate this, and substantial economic growth could be seen as early as 2016 or 2017. Public debt in Brunant is only 21% of total GDP though this could rise to 25 or 22% within the next few years. Sectors Primary Agriculture Traditionally Brunant's economy has been centered on agriculture. Farming has been a livelihood for many Brunanters for over 1000 years. The majority of Brunant's produce has been for domestic consumption Wine See also: Wine in Brunant Winemaking is one of the best-known agricultural sectors in Brunant. The major winemaking region is the Chester Valley, although there is a small area in Cape Cross Parish producing wine as well. The largest commercial wine variety is Moscatel; other varieties include Listan and the cheaper printanier grape variety. Mining Mining has been one of the main revenue sources in Central, Drenthe, Helmond and Mariaberg Parishes. The mining began to take shape in the late 16th century. Early mining focused on silver; in 1564 the first silver deposits were discovered east of Boguestown and silver mining grew rapidly. Lead and galena deposits were found in the 18th century and many more people were involved in mining. Bauxite, discovered in large quantities in 1915 has now become the focus of Brunanter mining. In 1923 was the worst mining disaster, when Stanley Mine No. 7 collapsed and 28 miners died. Since the 1950s the mining industry has shrunk but is still important. 65000 tons were mined in 2008 and 4,850 people were employed in mining. The largest companies involved in mining are Rio Tinto Group, Bergen Group and Berganz Mining. Secondary Secondary economy, especially manufacturing, has been important to the economy for over 100 years. cities like Koningstad and Roodstad have become major manufacturing centers. Automobile Automobile manufacturing sprang up in the early 20th century with Dortmund Motor Company but by mid-century there were many more companies (like Zedlitz, Martell-Werner and Engel). The domestic automotive sector fell apart in the 1970s due to increased competition. In the 21st century there is only a handful of small and specialized companies making sports and luxury cars. The only major manufacturer with a presence in Brunant is Volkswagen, which has a Golf factory in Roodstad. Watchmaking The watchmaking industry has been around for about 200 years in Brunant. springing up in Grijzestad and spreading to Dortmund, Koningstad and other towns. Personal care products Personal care products is a relatively new industry, only springing up in the 1960s. It was initially a small sector of manufacturing and the economy. The sector has heavily expanded since then. Tertiary Tourism Tourism is an extremely large sector of the economy, present almost everywhere in Brunant. Tourism began in the early 20th century and by the 1950s thousands of American and European tourists came to Brunant yearly. Banking/finance Banking in Brunant is dominated by four main banks, SD Bank, BBVA Brunant, Santander Brunant and Unie Spaarbank. These four (and their subsidiaries/affiliates) make up nearly 90% of banking in the country. There are other smaller banks in the country, the most prominent being LBS Bank. Regional banking with savings banks (sparkassen/cazias na aures) is also very important to the economy). Other financial services make up a significant proportion to the economy, both domestically and in a European sense. Taxation See also: Taxation in Brunant Compared to much of Europe, taxes in Brunant are on the lower end. Due to financial uncertainty in the last years, taxes may go up over the next few years, seeing significant opposition. Category:Economy